buffalo, and a small settlement on the Red River around Fort Garry, now Winnipeg. To-day there is on these fertile plains a population of 2,000,000 prosperous people, with millions of rich and idle acres waiting for more settlers to come. The estimated value of the field crops of these three Provinces in 1900 was $32,000,000. Now, twenty-six years later, the actual value is close to $700,000,000, more than $300,000,000 in excess of the world's annual output of gold. Gold mines become exhausted, but our Prairie Provinces, with the exercise of proper care, are capable of producing in perpetuity. In other words, the great sum mentioned, namely $700,000,000 to-day with more to come, is in the nature of a sure and rapidly rising dividend. Second, though Canada is well known as a great agricultural country, it may not be realized abroad that the gross value of our manufactured products at the point of production amounted, in 1924 the latest figures available-to $2,695,000,000, or nearly twice the value of our agricultural production for the same year. Third, our progress in "harnessing" water power, the utilization of which has increased 180% in ten years. Canada is now second per capita in water power development in the world. When developments now under way are completed Canada will have in use 4,500,000 horse power, representing a capital investment in power plants and transmission lines of $854,000,000. The undeveloped wealth in this field is prodigious. A conservative estimate is 28,000,000 horse power. These three facts alone, apart from all other considerations, should be enough to attract afresh to this portion of the British Empire the notice of British engineers, promoters, investors, manufacturers, and intending emigrants. For a decade more or less before the War the view was at times expressed in London that Canada was going ahead too fast on borrowed money, and that there was danger ahead. Those of us who did not altogether agree with that view at the time can now at least admit that there was some ground for such criticism. On the other hand, in comparison with the total volume of both public and private Canadian borrowing in the London market, the percentage of such money that has been lost is unimportant. It is, I think, worth noting in conclusion that with a population less than 10,000,000 Canada's exports are now equal in monetary value to the exports of the United States when that country had a population of 70,000,000, a remarkable showing even allowing for the decreased value of the dollar. Admitting that for a period Canada was going ahead too fast, we believe we have had our lesson, that we are living down our mistakes, and that things have taken a turn for the better. Moreover, we not only believe but know that we have one of the best and richest countries on earth. The General Manager then delivered an important and elaborate review of the conditions in the Canadian Provinces, dealing with natural resources, commercial development, financial affairs, and the general economic situation. The Report, on motion of Sir Vincent Meredith, seconded by Sir Charles Gordon, G.B.E., was then adopted, the usual votes of thanks tendered, and the following gentlemen duly elected Directors for the ensuing year: Thomas Ahearn, D. Forbes Angus, E. W. Beatty, K.C., His Honour Henry Cockshutt, General Sir Arthur Currie, G.C.M.G., K.C.B., H. R. Drummond, G. B. Fraser, Sir Charles Gordon, G.B.E., the Honourable Sir Lomer Gouin, K.C.M.G., C. R. Hosmer, Harold Kennedy, J. W. McConnell, William McMaster, F. E. Meredith, K.C., Sir Vincent Meredith, BART., Maj.-Gen. The Hon. S. C. Mewburn, C.M.G., F. W. Molson, Lieut.-Col. Herbert Molson, C.M.G., M.C., James Stewart. At a subsequent meeting of the Directors, Sir Vincent Meredith, BART., was re-elected President, and Sir Charles Gordon, G.B.E., was re-elected Vice-President. 11,800,000.00 917,533.16 1,209,615.65 Bank Premises at not more than cost (less amounts written off).. Mortgages on Real Estate sold by the Bank. Liabilities of Customers under Letters of Credit (as per Contra). 13,952,190.87 1,420,787.67 1,415,727.25 540,516.08 $781,525,145.20 NOTE-The business of the Bank in Paris, France, and in San Francisco, U.S.A., is carried on under the name of local incorporated companies and the figures are incorporated in the above General Statement. NOTE-Bonds of the Merchants Realty Corporation to the extent of $2,783,000.00 secured on premises leased to the Bank, are in the hands of the public. These bonds do not appear in the above Statement as the Bank is not directly liable therefor. VINCENT MEREDITH, President. FREDERICK WILLIAMS-TAYLOR, General Manager. To the Shareholders of The Bank of Montreal : We have compared the above Statement with the Books and Accounts of the Bank of Montreal at the Head Office, and with the certified Branch Returns. We have checked the cash and verified the investments and securities at the Head Office, and at several of the principal Branches of the Bank at the end of the financial year. We have likewise, at various dates throughout the year, checked the cash and verified the securities at several important Branches. We have to report that: (a) we have obtained all the information and explanations we have required; (b) in our opinion the transactions of the Bank, which have come under our notice, have been within the powers of the Bank, and (c) in our opinion, the above Statement discloses the true condition of the Bank and it is as shown iby the Books of the Bank. JAMES HUTCHISON, C.A. of the firm of Riddell, Stead, Graham GEORGE C. McDONALD, C.A. Auditors MONTREAL, 23rd Nov., 1926. BANK OF MONTREAL-EXECUTIVE OFFICERS SIR VINCENT MEREDITH, BART., President. Assistant General Manager and Manager London, Eng., Branch. The 58th Reports PAID-UP CAPITAL OF $30,000,000 ANNUAL ADDRESSES AND REPORTS OF THE ROYAL BANK OF CANADA* The Fifty-Eighth Annual General Meeting of the Shareholders was held at the Head Office of the Bank in Montreal on Thursday, Jan. 13th, 1927, at 11 o'clock, a.m., Sir Herbert S. Holt in the chair. The General Manager, Mr. C. E. Neill, read the Directors' Report as follows: The Directors have pleasure in submitting to the shareholders the FiftyEighth Annual Report, for the year ended 30th November, 1926, accompanied by the Statement of Assets and Liabilities and Statements of Controlled Companies. carefully revalued, and ample During the year six branches proportion of the latter being The assets of the Bank have been, as usual, provision made for all bad or doubtful debts. were opened and thirty-six were closed, a large small and unprofitable branches formerly operated by the Union Bank of Canada. The Head Office and branches of the Bank have been inspected as usual during the year. The growth of the Bank's business made it advisable to issue the balance of the authorized capital stock consisting of 56,000 shares of the par value of $100 each. This stock was accordingly issued and allotted to shareholders on December 11, 1926, at $200 per share. *NOTE.-For History of the Bank see Supplement to The Canadian Annual Review for 1910: Succeeding Reports and Addresses are given in the 1911, 1925-26 volumes. |